Australia-listed gaming operator Silver Heritage Group Ltd. is seeking “potential strategic partners or purchasers” for its gaming operations in Nepal.
The boutique developer runs the Tiger Palace Resort Bhairahawa near the border with the Indian state of Uttar Pradesh and also manages a gaming operation at a hotel in the capital of Kathmandu and the Millionaire’s Club and Casino in a hotel in the capital city of Kathmandu.
According to GGRAsia, in a prospectus for its 2016 initial public offering, Silver Heritage said it was banking on Indian consumers to cross the border to gamble in Nepal. Tiger Palace was licensed in December 2017 and opened in March 2018.
In an April 30 filing, Silver Heritage said it has retained investment bank and advisory firm Union Gaming to find potential investors.
“The company has undertaken a number of initiatives to release capital out of its asset base, including the appointment of Union Gaming as its exclusive adviser in relation to locating potential strategic partners or purchasers of the company’s Nepal operations,” the filing stated.
“Trading at Tiger Palace has improved and continues to trade well ahead of the prior year,” the firm said, adding that new VIP rooms at Tiger Palace have sparked “overwhelmingly positive” feedback from visitors.
“The company continues to see stronger performance also at its operations in Kathmandu, with increasing contributions from Chinese players in addition to the usual Indian players,” added Silver Heritage.
